Ann: IMUGENE ANNOUNCES A$80 MILLION INSTITUTIONAL PLACEMENT, page-303

To be fair, the cornerstones offloaded the IMUOD pretty much immediately - that is fact. Retail CR participants were restricted to a maximum allocation, and so retail then also had a maximum IMUOD received. Within hours of quotation we saw single IMUOD orders for sale in the queue that exceeded the retail maximum, this could only have come from those cornerstones. This however does not constitute proof that they offloaded their heads, just proof they dropped their options.

I also concur that those who bought imuod would have reason to be unsatisfied, as I also believe anyone who bought higher than 20c could currently feel. Having said that, it should only be temporary dissatisfaction. The new options are unlisted, and I believe the IMUOD's will be well in the money before expiry. Anyone who bought IMUOD's won't be thinking about this capital raise when they convert, they will only be wishing that there were more available at the time they purchased them.

None of this constitutes as proof though, and just for the record, I have also not said that it was a fair deal for retail, just that given the record of retail participation if I were the board I would shortcut retail also. Keep in mind also that there are thousands and thousands on the register, the HC community only represents a portion of those, and likely not a representative samples.